Nationwide

Kimmy1980

Hi
We had a decision in principle with nationwide (through our broker) for a mortgage of 139950 we are going through a PX on a new build for 229950 we will have 90000 equity from the sale of our house ( accepted 117000 from builders).

Anyway I'm just getting really stressed and worried with nationwide as the full application went in 2 weeks ago and now its looking like it maybe refused. They are asking for and questioning something new everyday although they already had all these details. My husbands salary is basic wage £22000 but with bonu its £34000 (same every year) and mine is £10000(pt) we have tax credits and cb income of around £5000 a year which they say they include but now saying to the broker they may not. We have childcare of around £3000 per year which understandably needs to be taken into account.

We have provided so far p60s payslips bank statements tax credit docs letter and ref from my emp as I'm on mat leave.
They are now saying they have a problem with our childcare Costs but they've know about these from day 1 and last week it was a problem needing refs from my emp childcare wasn't mentioned at the time.
The broker says they are notorious for this and are the worst ones to deal with. They've also said they're questioning affordability but I dont really understand. Why they've let it go so far rather than saying no straight away.
The broker has now given them my husbands emp dets to get a ref hoping to put it back on track. but if they have problems with other stuff I dont see why they should get his ref as its not going make a difference as they already have the same information as what that's going to say. I just feel like its prolonging an eventual no and am frustrated its gone so far before all this.

Broker says not to worry we've got other options he'll go with Halifax as they're more relaxed. but its hard not to worry as its our house were worried will fall through if things get delayed. Not to mention the money we'd of lost to Nationwide and also our solicitor if everything falls apart.

Just ranting really but would appreciate any advice or experiences

Thanks

Kimmy1980

Sorry also quick question why would a broker choose Nationwide for us when on the affirdabilty calc it comes out maximum borrowing of 134000 and were asking 139950? I'm sure he knows what he's doing Im just confused by it.

Dave_Ham

It is hard to comment with out the detail, but aside from marginally cheaper rate no idea why this would be put to Nationwide.

Few issues that they never treat flexibly or quickly, just smacks a bit of broker inexperience.

Best of luck though

Kimmy1980

Thanks for your reply Dave
That's exactly what we are fearing now we thought either inexperience or nationwide pay him the best fee!

kingstreet

When you are placing on high street rates you don't worry much about the procuration fee. They're all pretty much the same.

We would not routinely place a case with Nationwide without first carefully working out the income and outgoings, establishing what we can prove in the former case.

TBH we have had one case sit at "decline" for several weeks while we waited for an employer's reference and letting agent's reference arrive as we had no other way of evidencing income and rent payments.

The bulk of our Nationwide cases sail through as a result of the extensive pre-planning we do. Can't rule out poor placement or poor preparation on the part of broker though.

Kimmy1980

Thanks Kingstreet,

Your case what was sat decline for a few week did that go through OK once they had the employers and letting agents reference?

I think weve def lost hope with nationwide now and will have to hope halifax cone through for us.

kingstreet

Yes. We knew the case fitted the criteria, so there was no "square peg, round hole" scenario.

As I say, I don't know many brokers who spend as much time pre-planning an application as we do. Being newbuild specialists, we have little margin for error, as we have both our client and builder relationships at stake on every case.

I'd say over 90% of our cases are offered in under two weeks, valuation permitting and a lot of them are Nationwide cases. Normally, we have uploaded any documentation requirements within twenty minutes of submitting the application and the only requirement is then the valuation.

In the last six months, we've had to replace only two cases. One was for valuation reasons and the other was a manual credit check on a case where the applicant wasn't on the voter's roll after a positive DIP by a well-known lender.

Kimmy1980

Thanks King street

We'll just have to hope our broker is as knowledable as you and knew what he was doing applying. He has sorted out alot of the other newbuild mortgages on the new estate so we thought would be a good bet. In hindsight maybe we should have done a bit more research ourselves.

Your help and advice has been much appreciated.

Wallhart

Exact same position as you op. Sounds like nationwide is a bit disorganised and struggling with number of applications.

Kimmy1980

Thanks wallhart.

Sorry to hear you're going through the same thing so frustrating but on a positive at least were not alone and maybe it is Nationwide!

Fingers crossed for us both

Wallhart

Absolutely you too

Ours got referred immediately. Only difference is we are not px but are doing help to buy